Four Month Extension to Furlough Scheme

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The Chancellor has announced today (Tuesday 12 May 2020) that the government’s Coronavirus Job Retention Scheme will remain open until the end of October.

This boost to millions of jobs and businesses will be extended for a further four months where workers will continue receiving 80% of their current salary to £2,500.

The Chancellor also announced that from the start of August, furloughed workers would be able to return to work part-time with employers being asked to pay a percentage towards the salaries of their furloughed staff. The employer payments will substitute the contribution the government is currently making. This will ensure that staff continue receiving the full 80% of their salary, up to £2,500 a month.

Statistics published today show that the scheme has protected 7.5 million workers and almost 1 million businesses. Businesses have benefited from £14bn in loans and gurantees to support their cashflow during the crisis.

This includes:

    • 268,000 Bounce Back Loans worth £8.3 billion
    • 36,000 loans worth over £6 billion through the Coronavirus Business Interruption Loan Scheme
    • £359 million through the Coronavirus Large Business Interruption Loan Scheme

Please visit our COVID-19 News Page for the latest Coronavirus business updates.

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